Fourtou
HOLLWYOOD -- Saddled with nearly $20 billion in debt, Vivendi Universal continued its selective asset trimming Tuesday with the sale of a Hungarian unit to a group led by American Intl. Group.
AIG teamed with British investment firm GMT Communications Partners to buy Vivendi Telecom Hungary for almost S400 million ($417 million). The figure, mentioned in European press reports, includes the assumption of $301 million of debt.
Vivendi U chief Jean-Rene Fourtou has indicated he's willing to sell off various select assets in Eastern Europe and elsewhere to reduce debt. So far, the Paris-based conglom has disposed of about $7.6 billion in assets, with an aim of raising at least $15 billion through such sales over the next two years.
Vivendi Telecom Hungary is the biggest rival to Matav, Hungary's former phone monopoly. The telecom provides phone, data and Internet services to homes and businesses, and employs 1,250 people.
(Bloomberg News contributed to this report.)
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